Division Two leaders QPR could be forced to sell their best players unless an investor is found.
Rangers are running out of cash and admit they will listen to offers for the likes of Martin Rowlands and Marc Bircham.
"We've now reached a critical point," said chief executive David Davies.
"We're in a position where if offers come in for our players we may be unable to refuse them.
"That's the last thing we want given our league position and objectives, but we may have no choice."
Despite looking odds-on for promotion and their record home atten
dances - over 15,000 saw Saturday's 4-1 thrashing of Hartlepool - QPR have struggled to attract investors.
Why aren't people beating our door down when this club has achieved so much and has so much potential?
David Davies, QPR chief executive
A number of parties have expressed an interest since former owner Chris Wright agreed to offload his shareholding last year.
But no deal has been struck, the club's position looks perilous and a group of worried fans have been writing to wealthy individuals in an attempt to find an investor.
"It's very frustrating," Davies added.
"Why aren't people beating our door down when this club has achieved so much and has so much potential?
"Other clubs have been taken over and yet here we are, a former Premiership club now top of the table and aiming to get into Division One, with a good squad, a good manager, a good stadium and a great fan base in a prime area of London."
Among those to have answered the call to plough money in are brothers Matthew and Alex Winton.
They funded the signings of striker Doudou and Nigeria defender Dan Shittu.
But the Wintons are now in dispute with the club, who say they have reneged on a commitment to pay players' wages.
Alex Winton insisted: "We committed ourselves to sponsoring Doudou and Dan Shittu's £250,000 transfer fee from Charlton, which we did.
If anyone's out there, come and join us and what we're doing here.
Ian Holloway
"Wages that were agreed with the club were to be met by We Are QPR, a fund we set up and to which fans were encouraged to contribute.
"It didn't take off as we hoped, but at no point did we suggest to the club that we personally were liable.
"We're talking to the club and hopefully this issue will be sorted out."
Meanwhile, manager Ian Holloway has echoed Davies' plea for an investor to help keep Rangers' promotion bid on track.
"The money just isn't there," he said.
"If anyone's out there, come and join us and what we're doing here. You don't have to buy the place, just come on board."